AURORA, ILL., AND DETROIT — Minneapolis-based NorthMarq Capital has arranged $26.45 million in financing for two multifamily communities in Illinois and Michigan. Sue Blumberg of NorthMarq’s Chicago office has arranged $22.25 million in first-mortgage financing for Butterfield Oaks Apartments located in Aurora. The loan for the 346-unit property was financed through Freddie Mac’s Streamlined Refinance Program. Financing was based on a 7-year term with 5 years of yield maintenance, and a 30-year amortization schedule. Additionally, Blumberg arranged $4.2 million in first-mortgage financing for Pavilion Apartments located in Detroit. Financing for the 340-unit multifamily property was based on a 7-year term capped ARM with 2 years interest only, and a 30-year amortization schedule thereafter. The loan was arranged for the borrower, Pavilion Apartments LLC, through NorthMarq’s seller/servicer relationship with Freddie Mac.
BLACKLICK, OHIO – Albany, N.Y.-based NCM Funding has arranged approximately $10.13 million in permanent financing for a 240-unit apartment complex located in the Columbus suburb of Blacklick. The property is a high-occupancy, stabilized complex with strong management. The non-recourse loan was based on a 10-year term with a 5.96 percent fixed interest rate, a 75 percent loan-to-value and a 30-year amortization schedule. Brian Sheldrick of NCM Funding originated the funding on behalf of the undisclosed Borrower.
READING, MASS. — CB Richard Ellis/New England (CBRE) has brokered the sale of Archstone Reading, a 204-unit luxury apartment community located at 7 Archstone Circle in Reading. Situated on 11.5 acres, the property comprises 11 apartment buildings and a clubhouse/leasing office. The units are a mix of one-, two- and three-bedroom residences. CBRE’s Paul Donahue, Travis D’Amato, Bill Moylan and Gary Lemire represented the seller, Denver-based Archstone, and procured the buyer, an affiliate of Henderson Global Investors. The acquisition price was not disclosed. Archstone was responsible for building the property in 2006.
BIRMINGHAM, ALA. — CLW Health Care Services Group has represented a national REIT in the sale of the 84-unit Ridge View at Meadow Brook to an undisclosed party for $4.4 million. The assisted living center is located at 700 Corporate Ridge in Birmingham. The 48,058-square-foot property, which was built in 1999, is spread across 6.5 acres.
POMPANO BEACH, FLA. — Washington, D.C.-based WDG Architecture has entered the design phase for Pompano Creek Associates’ 710,000-square-foot Pompano Creek, a senior housing facility located on U.S. 1 in Pompano Beach. The property will feature 65 assisted-living units, a spa with a pool, rooftop gardens and 65,000 square feet of communal space. Residents will be housed in clusters of five- to seven-story buildings spanning 9 acres.
CHICAGO — Essex Realty Group has brokered the sale of a 64-unit multifamily property located at 930 W. Winona in the Uptown neighborhood of Chicago. Situated 1 block west of Lake Michigan, the building houses 18 studios and 46 one-bedroom units on top of a 35-space parking area. The building commanded a sales price of approximately $5.8 million. Both the buyer and seller were not disclosed. Doug Imber of Essex represented the seller; David Goss, also of Essex, represented the purchaser in the transaction.
HOUSTON AND AMARILLO, TEXAS — Marcus & Millichap has brokered two Texas sales. In Houston, Brian Janak of the firm’s Houston office represented the seller in the disposition of Byrne Heights Apartments, a 30-unit community located at 935 Byrne in the city’s Woodland Heights submarket. The property was constructed in 1963 and was 85 percent occupied at the time of closing. The seller was a California-based private investor, and the buyer was a locally based, limited liability company. The acquisition price was not released, but the property listed for $1.56 million. Additionally, Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office negotiated the sale of a 7,653-square-foot Bridgestone/Firestone store located in Amarillo. The property is situated on approximately 1 acre on South Coulter Street. The seller was a Texas-based limited partnership; the buyer was a Texas-based, limited liability corporation. The acquisition price was not disclosed.
GREENSBORO, N.C. — Ohio-based E.O. Johnson has purchased the 124-unit Sedgefield Square Apartments from Greensboro-based Brown Investment Properties for $4.9 million. The property is located at 4215 Bernau Ave. in Greensboro. Hal Kern represented Brown Investment in house, and Nat Taylor of Winston Salem, N.C.-based Taylor & McChesney Commercial Properties represented E.O. Johnson.
ORLANDO, FLA. — Orlando-based Avalon Park Group has entered the design phase for a 309-unit senior housing complex in Orlando’s Avalon Park neighborhood. The 250,000-square-foot property will feature 225 independent living units and 84 units designated for assisted living. Construction of the four-story building is slated to begin in early 2010. When complete, Avalon Park will encompass nearly 5,000 residences and 500,000 square feet of commercial development.
PALO ALTO, CALIF. — BRIDGE Housing Corp. is developing Fabian Way Senior, an affordable senior-living apartment community in Palo Alto. Located at 3895 Fabian Way, the $22.9 million community will feature 56 units, with 20 units restricted for seniors with special needs. Additionally, the community will offer private decks, a landscaped courtyard and a community room for activities, services and classes. The community is part of a larger site acquired by BUILD LLC, a partnership between BRIDGE and CalPERS. Financing for the project is being provided by BUILD LLC, State of California Prop 1C Multifamily Housing Program, Silicon Valley Bank Community Development Finance, Union Bank of California N.A., Santa Clara County, City of Palo Alto, the Opportunity Fund, the Sobrato Family Foundation and the Housing Trust of Santa Clara County. Steinberg Architects provided architectural services; Segue Construction is serving as general contractor for the project. Completion is scheduled for early 2010.